T max pain, gamma exposure (GEX) & options open interest
As of close · rank #100 by open interest · 1,393 sessions of history since Dec 1, 2020
T's nearest-expiration max pain is 28.50 for 2026-10-09, its GEX flip is 23.13, net GEX is 26,496,846, its put/call open-interest ratio is 0.67. These are whole-chain derived aggregates as of Oct 2, 2026 close.
Whole-chain analytics
Derived after the close from the same dated options chain. Signed gamma exposure uses calls positive and puts negative; it is a model convention, not observed dealer inventory.
Advanced options analysis
Complete derived analysis from the dated chain, normalized where possible for comparison across tickers. Catalyst intensity measures unusual pricing and activity; it does not identify an event, predict direction, or establish that an investment is attractive.
Strongest relative signals: 25Δ risk reversal -197.5 pp · IV rank 100 · smile convexity 17.1 pp
T closed 10.9% below its gamma max of 26.97. It is 1.2% above the delta neutral price of 24.03. Total open interest is 989,465, -4.7% versus the previous session. Its options catalyst-intensity score is 64.3 out of 100, led by 25Δ risk reversal -197.5 pp, IV rank 100, smile convexity 17.1 pp. What gamma max means · What delta neutral means
Call versus put open interest changes
Growth compares outstanding contracts on each side. A positive growth gap favors calls; a negative gap favors puts. Standardized surprises compare each measure with its own prior history. These describe the OI balance, not IV skew or buying direction.
| Measure | Value |
|---|---|
| Call OI change, 1 session | -36,793 contracts · -5.8% |
| Put OI change, 1 session | -11,636 contracts · -2.9% |
| Call minus put OI growth, 1 session | -3.0 pp |
| Call OI change, 5 sessions | -19,492 contracts · -3.2% |
| Put OI change, 5 sessions | +11,983 contracts · +3.1% |
| Call minus put OI growth, 5 sessions | -6.3 pp |
| Daily call OI change surprise | -1.11σ (252 prior changes) |
| Daily put OI change surprise | -0.50σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.18σ (252 prior changes) |
History
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Analysis visualizations
Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.
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Gamma walls
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What followed prior gamma-max crosses?
Each historical path starts at 0% on the cross date and follows the close for ten subsequent trading sessions. Cohorts use the same direction as labelled and require gamma max to be within 10% of the close on both crossing sessions.
Crosses below gamma max 29 completed Day +10 paths · latest Aug 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 29 | -0.1% | -1.0% to +0.7% | 41% | -0.9% to +0.4% | 0.0% |
| Day +2 | 29 | -0.0% | -1.4% to +1.0% | 48% | -1.1% to +0.8% | 0.0% |
| Day +3 | 29 | -0.3% | -1.9% to +0.8% | 34% | -1.4% to +0.1% | 0.0% |
| Day +4 | 29 | -0.2% | -2.4% to +1.1% | 45% | -0.9% to +0.5% | 0.0% |
| Day +5 | 29 | -0.5% | -3.4% to +0.7% | 38% | -2.3% to +0.2% | 0.0% |
| Day +6 | 29 | -1.2% | -2.5% to +1.9% | 38% | -2.0% to +0.3% | 0.0% |
| Day +7 | 29 | -1.0% | -4.2% to +2.0% | 45% | -3.8% to +0.5% | 0.0% |
| Day +8 | 29 | -1.1% | -4.9% to +2.4% | 45% | -3.5% to +2.0% | 0.0% |
| Day +9 | 29 | -1.2% | -4.3% to +3.1% | 41% | -3.0% to +2.2% | 0.0% |
| Day +10 | 29 | -1.4% | -4.5% to +2.6% | 45% | -3.1% to +1.4% | 0.0% |
Crosses above gamma max 28 completed Day +10 paths · latest Aug 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 28 | +0.2% | -0.4% to +1.0% | 64% | -0.1% to +0.7% | 0.0% |
| Day +2 | 28 | -0.3% | -1.4% to +0.7% | 46% | -1.1% to +0.5% | 0.0% |
| Day +3 | 28 | -0.2% | -1.3% to +1.1% | 46% | -0.5% to +0.7% | 0.0% |
| Day +4 | 28 | -0.5% | -1.6% to +0.8% | 46% | -1.5% to +0.5% | 0.0% |
| Day +5 | 28 | +0.0% | -2.0% to +1.8% | 50% | -1.0% to +0.6% | 0.0% |
| Day +6 | 28 | -0.6% | -2.5% to +0.8% | 43% | -1.7% to +0.2% | 0.0% |
| Day +7 | 28 | -1.4% | -4.3% to +1.7% | 39% | -3.4% to +0.3% | 0.0% |
| Day +8 | 28 | -0.7% | -4.5% to +2.3% | 39% | -4.2% to +0.8% | 0.0% |
| Day +9 | 28 | -1.0% | -5.1% to +2.2% | 43% | -4.7% to +1.3% | 0.0% |
| Day +10 | 28 | -0.9% | -5.4% to +2.6% | 46% | -4.9% to +1.5% | 0.0% |
Returns are close-to-close after the labelled number of subsequent trading sessions. The confidence floor is the closest-to-zero bound of the order-statistic median interval; it is zero when that interval spans zero. Its coverage is nominally at least 90% under independent observations. Historical paths can overlap, so the interval and floor are descriptive uncertainty guides rather than formal coverage guarantees. Historical, not a forecast.
Last 252 sessions
| Sessions closed above gamma max | 3% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 20 |
| Prior-year sessions closer to gamma max | 61.5% of 252 |
| Prior-year sessions closer to delta neutral | 18.7% of 252 |
| Open interest percentile (1y) | 25th |
| Daily open interest change versus prior year | -0.89σ (-48,429 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -0.8% |
| Open interest change, 21 sessions | -11.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 25.31 vs 25.86 (-2.2%)
- closed above gamma max at 25.14 vs 25.01 (+0.5%)
- closed below gamma max at 23.94 vs 24.47 (-2.2%)
- closed above gamma max at 24.41 vs 24.21 (+0.8%)
- closed above delta neutral at 22.26 vs 22.23 (+0.1%)
- closed below delta neutral at 24.80 vs 25.16 (-1.4%)
- closed above delta neutral at 24.87 vs 24.81 (+0.2%)
- closed below delta neutral at 25.02 vs 25.13 (-0.4%)
- closed above delta neutral at 24.93 vs 24.92 (+0.0%)
- closed below delta neutral at 25.57 vs 25.70 (-0.5%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/T
Questions people ask about T
Where is T's gamma max today?
As of Oct 2, 2026, the gamma max for T is 26.97, +10.9% from the 24.32 close. Gamma max is the underlying price at which the summed gamma of every open contract is largest; how it is computed and why it matters.
Is T above or below its delta neutral price?
T closed above delta neutral: 24.32 against a delta neutral price of 24.03. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does T have?
989,465 contracts of open interest across 468 listed contracts on Oct 2, 2026, -4.7% versus the previous session. What open interest measures.
Levels are recomputed after every trading day from licensed end-of-day options data; only derived aggregates are published. Methodology · Data and licence · Not investment advice.